Morning Must Reads: JP Morgan Earns, BofA Hires

–There has been a lot of talk about how banks can’t repeat last year’s trading infused earnings gains. JP Morgan proves them wrong this morning, reporting that it earned $3.3 billion in the first quarter, up an amazing 55% from a year ago. Bank earnings season continues on Friday with Bank of America.

–Speaking of which, Bank of America has hired a new CFO. The headline is that Noski comes from outside the financial services industry, but the pick also extends Bank of America’s Washington-friendly attitude. Noski used to be the CFO of Northrop Grumman, a company that does a lot of work with Washington.

–Janet Morrissey has a story up on time.com this morning about first quarter earnings. And she has a good catch. What appears to be bad news for stocks is actually good, at least for now. Take out financial and earnings growth is up.